MARKET DEVELOPMENT
DekelOil On Track To Be Major W. African palm oil company
DekelOil On Track To Be Major W. African palm oil company
27/06/2013 (StockMarketWire.com) - DekelOil is on track to become a major West African palm oil company, shareholders at the annual general meeting later today (27 June) will be told.
Non-executive chairman Andrew Tillery says this will be a transformational year for the company which is the operator and 51% owner of an established vertically integrated palm oil project in Côte d'Ivoire.
He says: ""Long term agreements are already in place with co-operatives and small holders covering 27,000 hectares of land to supply fresh fruit bunches from mature plantations.
"In addition, we have a nursery with a capacity to produce one million seedlings a year and 1,886 out of a total of 26,000 hectares of company-owned estates that have been planted. As a result, the completion of a fully funded 60t/hr CPO extraction milland the finalisation of a comprehensive logistics system, remain the key outstanding elements ahead of production commencing at the start of next year, in time for the beginning of the 2014 peak production season in March.
"I am pleased to report that the building structure of the mill is almost completed."
He adds: "Considerable progress is also being made with regards to putting in place a highly efficient logistics network to ensure as much fruit as possible will be delivered for processing. "As a result the directors are highly confident that DekelOil will be generating revenues in 2014, the company's second year on AIM."
He concludes: "DekelOil remains on course to generate considerable value for all shareholders, as we deliver on our objective to become a leading West African palm oil company."
Non-executive chairman Andrew Tillery says this will be a transformational year for the company which is the operator and 51% owner of an established vertically integrated palm oil project in Côte d'Ivoire.
He says: ""Long term agreements are already in place with co-operatives and small holders covering 27,000 hectares of land to supply fresh fruit bunches from mature plantations.
"In addition, we have a nursery with a capacity to produce one million seedlings a year and 1,886 out of a total of 26,000 hectares of company-owned estates that have been planted. As a result, the completion of a fully funded 60t/hr CPO extraction milland the finalisation of a comprehensive logistics system, remain the key outstanding elements ahead of production commencing at the start of next year, in time for the beginning of the 2014 peak production season in March.
"I am pleased to report that the building structure of the mill is almost completed."
He adds: "Considerable progress is also being made with regards to putting in place a highly efficient logistics network to ensure as much fruit as possible will be delivered for processing. "As a result the directors are highly confident that DekelOil will be generating revenues in 2014, the company's second year on AIM."
He concludes: "DekelOil remains on course to generate considerable value for all shareholders, as we deliver on our objective to become a leading West African palm oil company."